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China crude imports fall 41.3% in June to decade low

The drop coincided with reduced flows through the Strait of Hormuz, which pushed up oil prices and led refiners to curb costly crude intake.

Reported · Written up by our desk · Energy

China’s crude oil imports fell to a decade low in June, sliding 41.3% from a year earlier to 29.27 million tons, or 7.12 million barrels per day, according to official Chinese customs data reported by OilPrice.

The outlet linked the decline to reduced flows through the Strait of Hormuz, which raised oil prices and reduced refiners’ appetite for more expensive crude.

Imports also extended their slide from May, falling another 12% month over month in June, after May already hit an eight-year low.

Refinery runs fell as well, with processors curbing run rates amid high feedstock prices and fuel export restrictions, and June estimated run rates slipping to 57.72% from 3.28 percentage points lower than May, citing data from Oilchem.

Latest closeWTI crude $78.04 ▲9.3%

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